Home-buying program helps 1,000th teacher
Published: September 27, 2005
A four-year-old state program says it has helped its 1,000th California educator buy his or her first home.
The Extra Credit Teacher Program seeks to help teachers and other school employees afford housing when they work at “high priority schools,” as defined by the school’s score on the Academic Performance Index.
The program “helps draw a scarce public resource — experienced teachers and administrators — to the schools that struggle the most, attracting the sort of educators who are most qualified and willing to help these schools achieve success,” said Theresa A. Parker, executive director of the California Housing Finance Agency, in a statement.
“Teachers benefit, of course, but the real winners are the students.”
The service offers the educator a down-payment loan of $7,500 to $15,000, depending on where the home is, plus a 30- or 35-year first mortgage at a reduced interest rate.
Interest on the down-payment loan is forgiven if the borrower works for a high priority school for three years, and no payments are required on the second loan until the home is sold, refinanced or paid in full.
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